India's Reliance Industries, operator of the world's biggest refining complex, has turned to selling fuels to Venezuela from India and Europe to circumvent sanctions that bar U.S.-based companies from dealing with state-run PDVSA, according to trading sources and Refinitiv Eikon data.
Refinitiv Eikon trade data shows that Reliance shipped alkylate, a component for motor gasoline, to Venezuela on vessels Torm Mary and Torm Anabel in recent weeks. Those originated in India and passed through the Suez Canal.
US sanctions on Venezuela are driving freight rates for clean oil products heading across the Atlantic to the country to enormous premiums, according to shipping reports.
The Torm Lotte, a 50,000 deadweight Medium Range tanker, was heard on subjects on Friday to load a 37,000 mt gasoline cargo from Cartagena, Spain with options to discharge trans-Atlantic at Worldscale 185 points or Venezuela at w270, the latter believed to be its final destination. The tanker has been reported by multiple shipbrokers as chartered by Repsol.
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The Torm Laura, one of the two MRs, was booked with a Venezuela discharge option at a $3/t premium to market level, and is waiting in north Spain to load. Torm did not immediately respond to a request for comment.
It also shipped a gasoline cargo using tanker Torm Troilus to Venezuela and is preparing to send 35,000 tonnes of gasoil in a vessel called Vukovar to the South American nation.